Bombora Investment Management Fund Presentation€¦ · Performance Since Inception (To 31 July...
Transcript of Bombora Investment Management Fund Presentation€¦ · Performance Since Inception (To 31 July...
Investor Presentation • Confidential • Aug 2020
Bombora Investment Management
Special Investments Growth Fund
Bombora Special Investments Growth Fund
Bombora is taking applications for the Special Investments Growth Fund, to provide investors with actively
managed exposure to pre IPO & co-investment opportunities, active managed listed equities and special
investment situations.
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Bombora Fund has
returned c.30% per
annum over the last
seven years*
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Large investment
team with over 200
years experience
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High quality and
unique investment
opportunities
04
Differentiated Fund
offering with
co-investment
opportunities
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*The Fund was launched in June 2018, founded by the Bombora investment team which has a demonstrable 5-year track record delivering c.30% p.a. returns in prior deals and investments
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Bombora Performance (Rolling - as at 31 July 2020)
1 Month 3 Months 12 Months 2 YearsCompound Annual Return
Since Inception*Compound Annual Return
Since Inception*Total Return (not annualised)
Bombora Special Investments
Growth Fund4.9% 16.5% 10.8% 28.5% 26.0% 64.9%
Small Industrials Index (0.2)% 6.4% (13.6%) (3.6%) (2.9%) (6.2%)
Outperformance 5.1% 10.1% 24.4% 32.0% 28.9% 71.0%
• $100,000 invested with the Fund at inception would have grown to $164,871 as at 31 July 2020 (net of fees)
• The Fund has returned +4.9% in the month to 31 July 2020 taking our unit price to $1.65 (from $1.57 as at 30 June 2020).
• The compounded annual return over 2 years is 28.5%. The total return (not annualised) since inception is 64.9%.
• In June 2020, the Fund marked its 2 year anniversary.
• Prior to the incorporation of the Bombora Special Investments Growth Fund in June 2018, the strategy delivered c.30% CAGR over a 5-year period.
*Inception date: 1 June 2018
Performance Since Inception (To 31 July 2020)
The Fund has returned
+64.9% (net of fees) in the
period since inception
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$100,000 invested
with the Fund at
inception would have
grown to $164,871 as
at 31 July 2020 (net of fees)0.60
0.80
1.00
1.20
1.40
1.60
1.80
Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20
Unit Price S&P/ASX Emerging Companies Index S&P / ASX Small Industrials Index
1.65
0.94
0.97
*Inception date: 1 June 2018
Bombora Partners
Distribution
• In June 2020, Bombora partnered with
Seed Partnerships for the sales and
distribution function of the fund
• The alliance was formed to assist
Bombora grow the number of
Unitholders and the Fund Under
Management in a measured way to their
network of clients
• This is an important partnership which
allows the Bombora team to focus on
managing the fund, while achieving the
corporate objectives of the group
Research
• During November 2019 SQM Research
conducted and released an independent
ratings review of the Fund
• We are proud to announce that the Fund
has been rated as a “Superior, High Grade
Investment” from SQM
• A copy of the report is available on
request
• SQM Research conducts independent
ratings on Managers and Investment
opportunities across asset classes
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Investment Platforms
The Fund is approved as an
authorised Wholesale Fund
on the following Platforms:
• Macquarie Wrap IDPS Menu and
Macquarie Wrap Super Menu when held
via a separately managed account
• HUB24 IDPS Investment
Menu
• Netwealth Wrap
• Ausmaq
The Bombora team is made up of
the Investment team,
complemented by Industry
Specialists and supported by an
Independent Chair as part of the
Investment Committee.
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Investment teamMike Hill (Managing Director and Co-CIO)
Gregg Taylor (Co-CIO and PM – Listed Equities)
David Willington (PM – Special Situations Strategy)
Josh May (PM – Pre-IPO Strategy)
Bryan Zekulich (PM – Pre-IPO Strategy)
Emily Mohan (Analyst)
Advait Joshi (Analyst)
Investmentcommittee
Brett Chenoweth (Chairman)
Mike Hill
Gregg Taylor
Josh May
David Willington
Bryan Zekulich
IndustrySpecialists
Chris Colfer
Julian Knights AO
Greg Ruddock
Bombora
Team
Experience
Investment Team
Mike HillManaging Director & Co-Chief
Investment Officer
• Mike is a former Operational Partner
of Ironbridge from 2004 to 2014, a
private equity firm with $1.5bn funds
under management, at which he led
and was involved in a number of
transactions across a variety of
different industries. Prior to this, Mike
was a Partner of Ernst & Young
• Co-Founder of Bombora Group in
2014
• Current Board positions include
Chairman of the Board of Janison
Education Group Limited (ASX: JAN),
PKS Limited (ASX:PKS), Orbx Limited
and AHAlife Holdings Limited (ASX:
AHL).
• Member of the Australian Institute of
Chartered Accountants and holds a
Bachelor of Arts Degree
(Accountancy) from the University of
South Australia
Gregg Taylor
• Over 20 years listed equity markets
experience including roles with
Citibank (London) and Schroders
Investment Management (Sydney).
• Over the last two decades, Gregg has
worked in listed equity markets across
multiple sectors with a particular focus
on emerging growth companies in the
technology sector.
• He has also founded and managed
multiple global operating businesses in
the sports, retail and media sectors.
• Gregg currently serves on the boards
of Acrow Formwork and Construction
Services Limited (ASX: ACF), Vortiv
Limited (ASX: VOR), and Marketplacer
Limited.
• He holds a Bachelor of Commerce
Degree from the University of
Wollongong and is a CFA
Charterholder
David WillingtonPortfolio Manager
Special Situations Strategy
• David has over 25 years’ experience in
corporate finance and investment
banking and during his career has
primarily advised companies in the
technology, media and
telecommunications industry
• David also sits on the Board of
Janison Education Group Limited
(ASX: JAN) and Orbx Limited
• Previously, David was a
Senior Partner at Deloitte Corporate
Finance and prior to that was an
investment banker with NM Rothschild
and Citi
• David has a Bachelor of Commerce, is
a member of the Institute of Chartered
Accountants in Australia and is a
Fellow of the Financial Services
Institute of Australia
Josh MayPortfolio Manager
Pre IPO Strategy
• Josh was previously a Director within
Ernst & Young’s M&A Advisory
Practice in Sydney, before co-founding
Oaktower Partnership in 2005, an
independent Corporate Advisory
business, based in Sydney and
Melbourne. Advisory transaction
themes have included private equity,
entrepreneurial clients seeking growth
capital, succession planning for large
established private businesses, and
sale of non-core assets for large
corporations
• Currently serving on the Board of
Acrow Formwork and Construction
Services Limited (ASX: ACF) and
Chairman of LVX Global
• Josh has a Bachelor of Arts Degree
(Accountancy) from the University of
South Australia and is a member of
the Australian Institute of Chartered
Accountants
Bryan ZekulichPortfolio Manager
Pre IPO Strategy
• Bryan was the Managing Partner of
EY’s Private Equity Sector for over 15
years. Bryan is also a Board member,
Treasurer and Company Secretary of
the Australian Investment Council
(formerly the Australian Private Equity
and Venture Capital Association
“AVCAL”).
• Significant experience in the M&A
market in Australia including mergers
& acquisitions, divestments, strategic
finance, capital raisings and advising
on the Australian stock exchange
listing requirements.
• Bryan has a Bachelor of Commerce
from The University of Western
Australia, Fellow of the Institute of
Chartered Accountants of Australia
(FCA) and Fellow of the Financial
Services Institute of Australia
(FINSIA), F. Fin
Co-Chief Investment Officer &
Portfolio Manager Listed Equities
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Analysts & Industry Specialists
Emily MohanPortfolio Analyst
• Emily joined Bombora in June 2020
with 8 years’ experience in equity
capital markets and Research.
• Prior to joining Bombora, Emily worked
at Blue Ocean Equities as a Corporate
Finance Analyst, with a focused on
small cap emerging companies.
• Emily graduated from Macquarie
University in 2014 with a Bachelor of
Commerce
Julian Knights AOIndustry Specialist
• Founding Partner of Gresham Private
Equity (majority owned by
Wesfarmers) and Founding Partner of
Ironbridge in 2001
• 15 years of private equity experience
raising approximately $1.75bn of funds
under management and 17 years
investment banking experience in the
UK and Australia
• In 2008 served as the Chairman of
AVCAL (Australian Private Equity and
Venture Capital Association)
• In 2013 was appointed as the Chair of
the Major Performing Arts Board of the
Australia Council
• Julian qualified as a solicitor and holds
BComm and LLB degrees from the
University of the Witwatersrand
Greg RuddockIndustry Specialist
• Founder and Joint CEO of Ironbridge
successfully raising and investing the
2001 $450m fund and the 2006
$1.05bn fund
• Prior to forming Ironbridge, Greg
joined Gresham Private Equity in 1999
and had 12 years operational
experience at Wesfarmers and with
diversified listed company Avatar
• Has been a member of the Ironbridge
Investment Committee since inception
and has represented the Ironbridge
Funds on the Boards of Stardex,
Super A-mart, EnviroWaste,
Easternwell, FleetPartners (now
Eclipx), ISGM and AOS. Greg is
currently a Director of Eclipx Group
Limited (ASX: ECX) and Navigator
Resources Limited (ASX: NAV)
• Greg has been a Director of Prospa
since 2015 which is pending an IPO in
2018
• Greg qualified as an accountant and
holds a Bachelor of Commerce degree
from the University of WA
Brett Chenoweth
• Brett has over 25 years of professional
experience working primarily in media,
technology, telecommunications and
digital businesses, most recently as
Managing Director and Chief
Executive Officer of APN News and
Media Limited
• Co-Founder of Bombora Group in
2014
• Currently Chairman of Madman
Entertainment, Canberra Data Centres
(CDC), Yellow Group (NZ) and
Creative Enterprises Australia (CEA).
He serves as the Chairman of the
Advisory Board of H.R.L Morrison &
Co. and sits on the boards of Janison
Education Group Limited (ASX: JAN),
Sellable Pty Ltd and Surfing Australia
• Brett has a Bachelor of Laws and a
Bachelor of Economics from the
University of QLD and a Graduate
Diploma in Applied Finance and
Investment from the Securities
Institute of Australia.
Chris Colfer
• Chris has Chairman, Chief Executive
and Board Director experience with an
exemplary track record in multiple
industry sectors including luxury
goods, branded goods and E-
Commerce. He is highly skilled in
strategy, retail, e-commerce, business
development and marketing
• He was the longest serving Non-
Executive Board Member of online
luxury fashion retailer NET-A-
PORTER, where he oversaw the initial
investment by Richemont, saw its
transformation into a billion-dollar
company, and subsequently led the
full acquisition in February 2010
• Christopher currently sits on a number
of technology and consumer goods
boards, including Nude by Nature,
Grown Alchemist, Mobile Digital,
AHAlife Holdings Ltd (ASX: AHL) and
LYST
Industry SpecialistIndependent Chairman of
Investment Committee
Advait JoshiPortfolio Analyst
• Advait is a Portfolio Analyst at Bombora.
Prior to joining the Bombora team, he was
an Equity Research cadet at UBS
investment bank working in the small caps
team
• Advait is the youngest global winner of the
ASX (Opens) Share market game
• Advait is in the process of completing a
Bachelor of Commerce degree from
UNSW
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Our Difference To
FromTraditional Fund Managers
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Pre IPO and Equity linked investmentsBombora’s pre-IPO strategy will take equity positions in private companies where there is an aim to IPO in
3-24 months and will hold interests in publicly listed companies.
Team of proven operators in target sectorsBombora utilises industry specialists to leverage global networks and ensure deep domain knowledge
Seek listed
equity opportunities
Originate unique opportunitiesWe create, structure & invest in opportunities through their deep transactional and capital
markets expertise
Active InvestmentsBombora drives value in our investments via active, collaborative and strategic participation
Public Liquid
Investments
Generalist
Investor Team
Passive
Investments
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Listed Equity40-50%• Average individual investment size
of 5–7 % of the portfolio
• 8–12 individual investments at any
one time, often from pre IPO
• Active positions of 5–20% issued
equity of each company
• Actively managed by designated
member of the Bombora team
Special
Situations10-20%• Average individual investment size of 3–5 % of the portfolio
• 4–6 individual investments at any one time
• Cornerstone opportunities
• Convertible notes and non-traditional equity related positions
• Shorter investment horizon
Pre IPO20-30%• Average individual investment
size of 3–5 % of the portfolio
• 6–10 individual investments at
any one time
• Investments spread across key
investment themes and sectors
• Actively managed by designated
member of the Bombora team
Cash10-20%
BomboraFund TargetPortfolio
• A concentrated high conviction
portfolio of ~20 holdings
• Diversification of investment
theme and industry sector
• Detailed due diligence process
with unanimous Investment
Committee approval required
for each investment
• Strong selling discipline
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• Bombora Board Representation and Active Management of Investment throughout.
• Average 3 year holding period.
Screen & Identity Structure Pre IPO Invest ASX Listing M&A Exit
Target Industry Sectors
• Technology
• Telecommunications
• Media
• Healthcare
• Financial Services
• Infrastructure and related services
Target Company Characteristics
• High earnings growth
• Attractive industry dynamics
• Strong gross margins
• Strong management and culture
• Sustainable competitive advantage
• Scalable business model with operating leverage
• Strong balance sheet and sustainable funding model
• Valuation discount to peers
• Identifiable catalyst for closing valuation discount
A Typical Pre IPO Investment Lifecycle
EARLY STAGE EMERGING GROWTH MATURITY REINVENT
PRODUCT
EXTENSION
Venture Capital Traditional Funds
VALUATION /
GROWTH RATES
Bombora Targets Emerging Growth Companies
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Current Listed Fund Positions
ASX • EML
EML PAYMENTSLIMITED
EML is a payments processing technology
business. Their portfolio offers innovative
financial technology that provide solutions for
payouts, gifts, incentives and rewards, and
supplier payments.
ASX • UWL
UNITI WIRELESSLIMITED
UWL is a diversified provider of
telecommunication services, including
infrastructure, ran by a proven Management
team. Key driver of earnings includes the
consumption of data for various telco
applications.
As at 31 July 2020, the Fund held 10 investments in its listed investment portfolio. The sector exposures include software,
technology and telecommunications drawing from the domain expertise of the Investment team.
NZX • ERD
EROADLIMITED
ERD provides fleet location and safety
management solutions to logistics operators.
The Company design and manufacture in-
vehicle hardware, operate secure payment
and merchant gateways and offer web-based
value-added services.
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Current Listed Fund Positions cont.
ASX • VOR
VORTIVLIMITED
VOR is a technology business that owns
Decipher Works Limited and Cloudten Limited,
businesses that provide specialist
cybersecurity and cloud security solutions
respectively to enterprise customers and
government institutions.
Non–Executive Director – Gregg Taylor
ASX • JAN
JANISON EDUCATION GROUP LTD
JAN is an education technology company that
operates Janison Learning, a corporate
development business and Janison Assessment, a
platform for managing digital exams.
Chairman - Mike Hill,
Non-Executive Directors - David Willington
and Brett Chenoweth
ASX • PKS
PKS HOLDINGSLIMITED
PKS provides a proprietary subscription-based
Clinical Decision Support, that enables
automation efficiency in pathology and
hospitals and newly acquired Pavilion Health,
a leading provider of SaaS audit and risk
management software primarily for hospitals
and governing health bodies
Chairman – Mike Hill
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Current Pre-IPO Fund Positions
LVXGLOBAL
LVX is a high growth, technology led business
operating in one of the World’s fastest growing
infrastructure sectors, known as Smart
Cities/”Internet of Things”. Current product
portfolio includes fire and life safety, energy
and environment, illumination, technology/IoT,
building technology and cybersecurity.
Chairman – Josh May
As at 31 July 2020, the Fund held 7 Pre-IPO investments Listed below are some key positions within the Portfolio.
MARKETPLACERLIMITED
Marketplacer is a software company that
establishes and runs online marketplaces for
its customers, mainly large retail and B2B
firms. The Company has spent 10 years
focusing on the development of core
technology as well as the capability to
implement complimentary software solutions.
Non-Executive Director –
Gregg Taylor
ORBXLIMITED
Orbx is a software content company that
develops and sells simulation graphics
scenery to users of flight simulation programs.
The business sells its software products to
customers all over the world which are
downloaded and used as an add-on to flight
simulation software programs.
Chairman - Mike Hill,
Alternate Director - David Willington
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Current Special Situations Fund Positions
SPECIAL PURPOSE ACQUISITIONS COMPANIES (SPAC’s)
Bombora has a proven track record of creating SPACs, cash funding them with a
spread of investors and setting a Board of Directors. The objective of the SPAC is to
originate and structure an acquisition of a private emerging growth company with a view
to progressing the company to an ASX listing within 2 years.
This process has been implemented with 3 companies over the last 3 years that have
now progressed to pre IPO or ASX listed holdings i.e. Pacific Knowledge Systems
(ASX:PKS), Orbx, and Marketplacer.
The Fund currently has 2 funded SPACs, Rpro Holdings Limited and Arugam Limited.
Bombora continues to progress the due diligence for a number of potential acquisition
targets and expects to execute transactions in 2020.
Other
As at 31 July 2020, the Fund held 4 special situation investments. We discuss a selection of these below.
LAYBUY
Laybuy is a leading “Buy Now Pay Later” player in New Zealand with
strong growth into the expanding UK market and Australia.
In February 2020, Bombora invested via a Convertible Note, ahead of a
planned ASX listing of Laybuy in 2020. This provided debt like security with
interest until the IPO with a capped valuation resulting in a discount to the
IPO price at which time Bombora can convert the Notes into listed equity.
A further Convertible Note and IPO Cornerstone Investment was made in
July 2020 as Laybuy progressed towards the planned September 2020
listing. The Laybuy business has experienced significant growth since our
initial investment and the BNPL sector positively re-rated.
FundDetails
Investor Presentation • Confidential • Aug 2020
AN OFFERING TO WHOLESALE CLIENTS
Special Investments Growth Fund
• The Bombora Special Investments Growth Fund (Fund) uniquely provides investors with an actively managed portfolio of Pre IPO and Listed Equities in high growth companies
• The objective of the Fund is to construct a concentrated, high conviction portfolio of unique growth opportunities to deliver strong positive risk adjusted returns for investors over the
medium to long term
• Fundamental bottom up research, screening, diligence and structuring to provide investors with actively managed exposure to:
• Pre IPO & co-investment opportunities;
• Active managed listed equities; and
• Special investment situations
• Team consists of professional executives, each with over 20 years experience in investments over multiple industries and geographic markets
• Bombora uses Industry Specialists to help drive value in our investments
• Experience spans funds management, direct investment, private equity, mergers & acquisitions and equity capital markets
• Bombora team are proven operators being Executives, Directors and Advisors to both private & public companies
• The Fund has returned +10.8% in the 12 months to 31 July 2020 and +64.9% since inception, outperforming the ASX Small Industrials Index by +24.4% and +71.0% over the same
periods.
• The Fund performance to date has been achieved with high levels of cash holdings and excludes further upside generated from incentive securities issued
• The Bombora strategy prior to the Fund launch (2013 – 2018) generated a CAGR of 29.6%.
• Fund Structure Unregistered Managed Investment Scheme structured as an Australian Unit Trust for WHOLESALE CLIENTS
• Information Memorandum August 2020
• Fee Structure 1.5% Management Fee & 20% Performance Fee for fund outperformance over hurdle rate of 7%
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Overview
Investment Strategy
InvestmentManager
Investment Performance
Offer Details
Key Fund FeaturesFund Name Bombora Special Investments Growth Fund (Fund) is an unregistered managed investment scheme structured as a unit trust
Investment Manager and Trustee Bombora Investment Management Pty Limited (Bombora) ACN 625 413 390
Custodian and Administrator Mainstream Fund Services (part of the ASX listed entity Mainstream Group Holdings (ASX: MAI)
Fund Type Pre-IPO and Australian listed equity portfolio
Suggested Investment Horizon 3-5 years
Investor Eligibility Wholesale Clients, as defined in the Corporations Act 2001
Minimum Investment $50,000
Minimum Redemption $50,000 (subject to a minimum balance of $50,000)
Buy/Sell Spread 30 basis points
Fees and Expenses • Management fee of 1.5% p.a. of the Fund’s net asset value calculated and payable monthly in arrears
• Performance fee of 20% p.a. of the returns in a performance fee period exceeding the higher of the previous high-water mark and the hurdle rate. The performance fee is calculated and
payable quarterly in arrears
• The Trust incurs cost recovery to a maximum of 1% p.a. of the Trust’s net asset value
Hurdle Rate 7% p.a. (inclusive of management fee and cost recovery accrued)
Application Frequency Monthly
Valuations Unit price calculated monthly
Distributions Annually as at June 30. Distributions are automatically reinvested unless instructed otherwise
Redemptions Quarterly with 30 days notice
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CaseStudies
Investor Presentation • Confidential • Aug 2020
Appendix 1
21
rhipe has experienced rapid revenue growth and scale, from $40m revenue in FY12 to $320m in FY20
Overview
• rhipe Limited (RHP) offers cloud licensing of major software providers (including Microsoft,
Citrix and VMware), a subscription management tool, and value-added services to IT services
providers who bundle subscription offers to end users.
• The Company has expanded into high-growth South-East Asian markets since listing,
including entering Thailand, the Philippines, Malaysia, Indonesia, South Korea, Sri Lanka and
Japan.
• RHP’s subscription based sales model has seen revenue grow from $40.0m in FY12 to $320m
in FY20 and EBITDA increasing by more than 6x between the same period.
Overview
Commentary and Investment Thesis
Sector Information Technology
Industry Subscription software distribution
LocationAustralia, New Zealand, Singapore, Malaysia, Philippines, Indonesia,
Thailand, South Korea, Sri Lanka, Japan
Investment Date Apr-141
Current Market Cap A$300.5m2
Acquisition Value A$13.0m
Company Milestones
rhipe Limited - Pre-Fund Launch
1. RHP backdoor lists on the ASX with the assistance of Bombora through shell company FRR
Corporation.
2. Following due diligence conducted by Bombora Group, rhipe raises capital October 2014 to
fund the acquisition of nSynergy and an investment in ASX listed LiveTiles Limited
(ASX:LVT).
3. RHP enters the ASX All Ordinaries in March 2015.
4. The Company announces a maiden fully franked dividend of 0.5 cents per share.
5. Mike Hill resigns from the board of RHP after a 5 year tenure, leaving the Company with a
strong balance sheet and operations in 8 countries.
0.0
1.0
2.0
3.0
4.0
5.0
6.0
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20
Volu
me
Share
Price
1
2
1. Announcement of RHP acquisition
2. As at 31 July 2020
3
5
4
• PKS provides a highly scalable, proprietary subscription-based Clinical Decision Support, that enables automation efficiency in pathology and hospitals.
• A special purpose acquisition company was created by Bombora called Qpro Holdings in October 2018 which then acquired PKS Holdings Ltd and became the front door listing vehicle on the ASX
in June 2019
• In April 2020, PKS acquired 100% of Pavilion Health in an all scrip transaction at $8.5m implying a 1.9x FY19 revenue multiple and 5.1x FY19 Operational EBITDA multiple. Mike Hill – MD of
Bombora and Chairman of PKS Holdings was instrumental in driving this acquisition to its success through Bombora’s active management philosophy.
• The acquisition of Pavilion Health is consistent with PKS’ growth strategy to acquire complimentary healthcare technology companies and expand beyond pathology into the hospital sector.
• The Pavilion Health acquisition doubled the scale of PKS and represents a strong, highly complementary acquisition for PKS with its vital relationships with hospitals, valuable client and industry
data information, advisory and consulting experience, cloud and SaaS expertise and key offshore marketing position.
• The Bombora Special Investments Growth Fund (BSIGF) remains a substantial shareholder of PKS
Overview
Overview Overview
Sector Health Care Equipment & Services
Industry Subscription software distribution
Location Australia, New Zealand, Singapore, Malaysia, South Africa, Europe, USA
Investment Date Jun-19
Current Market Cap A$40.1m1
Acquisition Value A$19.5m
Board representative Mike Hill
Overview PKS and Pavilion Customers
PKS Holdings Limited – Cornerstone Investment
1. As at 31 July 2020
Commentary
PKS is a leading software technology company in the large and fast-growing global healthcare solution market.
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Marketplacer Pty Ltd – Pre-IPO
Overview Commentary
Sector Information Technology
Industry E-Commerce
Location Australia
Investment Date Oct-19
Current Valuation A$51.0m
Entry Valuation A$51.0m
Board representative Gregg Taylor
Website www.marketplacer.com
• Marketplacer provides the technology and infrastructure needed to establish and maintain
online marketplaces for retail and B2B customers.
• Marketplacer has numerous revenue streams including recurring SaaS fees, Server Call fees
on transactions made on the Marketplacer software, Consulting and Implementation fees as
well as partnership fees (% share of the fees earned by enterprise partners such as Afterpay).
• The Company has spent the last 10 years focusing on the development of core technology as
well as the capability to implement complimentary software solutions. The company is now
pivoting focus to growing its sales team and winning contracts to develop online marketplaces
for enterprise customers, especially large retailers.
• Marketplacer is also looking to ramp up global expansion and has a long term vision for being
the “world’s factory” for developing large-scale online marketplaces.
• A special purpose acquisition company was created by Bombora called Cmint in mid 2019
which then acquired Marketplacer and will became the front door listing vehicle in 2021
• Bombora structured and led a $19.0m raising in the form of ordinary equity in CMint Limited
(“IPO Company”) termed a “Pre IPO capital Raise”.
• The pre-IPO capital raise was used to fund the following growth strategies:
• Accelerate sales pipeline and contract wins, especially with large retail customers
• Geographical expansion beyond existing geographical reach
• Repayment of Marketplacer’s existing debt
• Post settlement, the Marketplacer used a portion of the cash raised to pay down $10.5m of
debt
Marketplacer has powered globally successful online marketplaces for over 10 years
Marketplacer Customers
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Overview
Thesis
Thesis
Share Price Since Listing
Sector Information Technology
Industry Telecommunication Services
Location Australia
Investment Date Jul-18
Current Market Cap A$803.5m1
Uniti Group Limited– Special Situation / Listed Equity UWL is a fixed wireless broadband provider with proven high-speed performance with the potential to provide an alternative solution to the NBN
Overview
1. As at 31 July 2020
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0.2
0.4
0.6
0.8
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1.2
1.4
1.6
1.8
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Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20
Initial
fund cost
price
• Unity Group Limited (UWL) operates in the Non-NBN fibre and Non-NBN fixed wireless
wholesale and retail service industry. UWL bypasses the NBN access network, allowing it to
control service delivery to enable high satisfaction and low customer churn
• The Manager initially invested in UWL through a convertible note as part of its special
situations portfolio in July 2018. The position then became a Pre-IPO holding for the Fund in
January 2019. UWL listed on the ASX and commenced trading in February 2019.
• UWL has continued to outperform both its own guidance as well as market expectations
• Acquisitions have been a key driver of growth. UWL have executed the acquisition strategy
well, buying well and integrating ahead of schedule and budget.
• UWL has a strong Board and Executive Team with Michael Simmons as Group MD and CEO,
Darryl Inns as CFO, Steve Picton (LBNCo CEO) as CEO of Wholesale and Jordan Grives
(Fone Dynamics Founder) as CEO of Specialty Services
• In 2H20, UWL announced the acquisition of ASX listed Opticomm Limited (ASX:OPC) as part
of the companies drive to create a growing large scale national private fibre challenger. Below
in combined network and connections of the UWL and OPC groups.
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InvestmentProcess
Investor Presentation • Confidential • Aug 2020
Appendix 2
26
Investment Process
Opportunity
sourcing
A key strength of the
Bombora team is the
capability to source truly
unique opportunities
ahead of the market
Initial
opportunity
screening
Bombora investment
experience ensures a
reliable and rigorous
screening process
utilizing Industry
Specialists
Due
diligence
High Conviction
positions drive detailed
due diligence being
undertaken following
initial opportunity
screening
Investment
Committee
Approval
Diverse and experienced
Investment Committee
need to unanimously
approve the execution of
any transaction
Ongoing
reporting and
monitoring
Active investment
positions with a view of
partnership designed
for Bombora to stay on
top of performance
Bombora
“An indigenous Australian term for an area of submerged rock
shelf, reef or sand bank that is located some distance from the
shoreline that causes waves to surge as they pass over it.”
27
DisclaimerThis Investor Presentation (Investor Presentation) contains information about Bombora Special Investments Growth Fund (Fund). The Fund is an unregistered managed investment scheme
pursuant to section 601ED(2) of the Corporations Act 2001 (Cth) (Corporations Act). This Investor Presentation is issued by Bombora Investment Management Pty Ltd ACN 625 413 390 (Trustee or
Bombora). This Investment Presentation is a summary of an information memorandum that has been prepared by Bombora with respect to the Fund (Information Memorandum), the Information
Memorandum contains further information regarding the fund including the risks of investing in the Fund.
This Investor Presentation is intended solely for the use of the person to whom it has been delivered (Recipient) for the purposes of evaluating a possible investment in the Fund. It is not to be
reproduced or distributed to any person (other than professional advisers of the Recipient) without Bombora’s prior written consent.
This Investor Presentation has been prepared for Wholesale Clients only , is not, and is not required to be a disclosure document or product disclosure statement within the meaning of the
Corporations Act. This Investor Presentation may not contain the same level of disclosure as those documents and has not been, and is not required to be, lodged with the Australian Securities &
Investments Commission (ASIC).
The Trustee is a corporate authorised representative of Ironbridge Capital Management Pty Limited ACN 105 880 108 (AFSL No. 237556) and is authorised to provide advisory, dealing and custodial
services in connection with the Fund to Wholesale Clients only.
Investment DecisionApplicants should read this Investor Presentation and the Information Memorandum in their entirety before deciding to apply for Units. This Investor Presentation does not take into account the
individual circumstances of any investor, nor does it give financial product advice. Accordingly, investors should obtain independent legal, financial and taxation advice before making a decision to
invest in the Fund.
An investment in this Fund carries risks. An outline of some of the risks that apply to an investment in the Fund is set out in Section 6 of the Information Memorandum. Applicants are urged to consider
this section of the Information Memorandum carefully before deciding to apply for Units. No person is authorised to give any information or make any representation in connection with the Offer which
is not contained in this Investor Presentation or the Information Memorandum. Neither the Fund, The Trustee nor its respective affiliates, related bodies corporate, directors, officers, employees,
representatives or advisers accept any liability for any loss or damage suffered or incurred by the investor or any other person or entity however caused (including negligence) relating in any way to
this Investor Presentation or the Information Memorandum.
Forward Looking StatementsThis Investor Presentation contains forward looking statements. Forward looking statements are not based on historical facts, but are based on current expectations of future results or events. These
forward looking statements are subject to risks, uncertainties and assumptions which could cause actual results or events to differ materially from the expectations described in such forward looking
statements. While the Fund believes that the expectations reflected in the forward looking statements in this Investor Presentation are reasonable, no assurance can be given that such expectations
will prove to be correct. The risk factors set out in Section 6 of the Information Memorandum, as well as other matters as yet not known to the Fund or not currently considered material by the Fund,
may cause actual results or events to be materially different from those expressed, implied or projected in any forward looking statements. Any forward looking statement contained in this Investor
Presentation is qualified by this cautionary statement.
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Investor Presentation • Confidential • Aug 2020